New ETF on Mortgage Finance Pulse
SPDR KBW Mortgage Finance ETF (KME), began trading Thursday making the platform the first exchange-traded fund (ETF) to target mortgage-related equities. "As the first ETF to invest in the mortgage finance industry, the SPDR KBW Mortgage Finance ETF provides investors with an unmatched opportunity to gain diversified, cost-effective exposure to the real estate finance industry," said Anthony Rochte, senior managing director at State Street Global Advisors. The investment management arm of State Street (STT), State Street Global Advisors provides the SPDR suite of ETFs with more than $129.5bn assets under management. KBW Mortgage Finance tracks a Keefe, Bruyette & Woods-maintained index of 24 mortgage finance companies and provides US investors with access equities in the mortgage finance industry. The ETF traded at $39.64, down 1.8% in mid-morning trading as this story went to press. Write to Diana Golobay at email@example.com. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments.